Historic Preservation Tax Credit - Small Projects
Economic Development Authority
Who can apply
Only an eligible taxpayer may apply for tax credits under this program. An eligible taxpayer is defined as the fee simple owner of the property or someone having a long-term lease, which meets the requirements of the federal historic rehabilitation credit. Units of government (cities, counties) are not eligible to apply for credits. Project buildings must be historically significant for the project to qualify for tax credits. Buildings must meet at least one of the following criteria: Building is listed on the National Register of Historic Places or determined by the staff at the State Historic Preservation Office to be eligible for listing Building is contributing to the significance of a historic district that is listed on or eligible to be listed on the National Register of Historic Pla...
About this opportunity
Description The Historic Preservation Tax Credit program offers tax credits to developers who sensitively rehabilitate historic buildings to offer them new life. Iowa offers this tax credit program to ensure character-defining features and spaces of buildings are retained to help create distinct and vibrant communities. Approved projects may receive a state income tax credit of up to 25% of the project’s qualified rehabilitation expenses (QREs). QREs are defined as expenses allowed under Section 47 of the federal Internal Revenue Code (https://www.nps.gov/tps/tax-incentives/taxdocs/IRC-Section47.pdf) QREs do not include project expenditures financed by federal, state or local grants or forgivable loans, unless allowed under Section 47. Credits may be carried forward for 5 years, or until d...